California Public Employees Retirement System Sells 1,686 Shares of Independent Bank Corp (INDB)

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California Public Employees Retirement System trimmed its holdings in shares of Independent Bank Corp (NASDAQ:INDB) by 3.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 44,516 shares of the bank’s stock after selling 1,686 shares during the period. California Public Employees Retirement System’s holdings in Independent Bank were worth $3,130,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the stock. Wells Fargo & Company MN boosted its position in shares of Independent Bank by 2.7% during the 3rd quarter. Wells Fargo & Company MN now owns 69,446 shares of the bank’s stock valued at $5,737,000 after purchasing an additional 1,844 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Independent Bank by 12.7% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,574 shares of the bank’s stock valued at $543,000 after purchasing an additional 740 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Independent Bank by 2.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 435,985 shares of the bank’s stock valued at $36,013,000 after purchasing an additional 10,677 shares in the last quarter. BlackRock Inc. boosted its position in shares of Independent Bank by 3.6% during the 3rd quarter. BlackRock Inc. now owns 3,957,783 shares of the bank’s stock valued at $326,914,000 after purchasing an additional 137,404 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new position in shares of Independent Bank during the 3rd quarter valued at about $1,637,000. Institutional investors and hedge funds own 96.76% of the company’s stock.

INDB stock opened at $78.15 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.24. Independent Bank Corp has a one year low of $66.12 and a one year high of $95.00. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 16.66 and a beta of 1.08.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, January 17th. The bank reported $1.29 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.01). Independent Bank had a net margin of 29.50% and a return on equity of 12.96%. The firm had revenue of $103.78 million for the quarter, compared to analysts’ expectations of $103.00 million. Sell-side analysts predict that Independent Bank Corp will post 5.58 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Monday, March 25th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, March 22nd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.38. This represents a $1.76 dividend on an annualized basis and a yield of 2.25%. Independent Bank’s dividend payout ratio is currently 32.41%.

INDB has been the subject of several research reports. Zacks Investment Research upgraded shares of Independent Bank from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Tuesday, November 27th. BidaskClub raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 20th. Finally, Compass Point lowered shares of Independent Bank from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. Independent Bank currently has a consensus rating of “Hold” and an average target price of $85.67.

In other news, President Gerard F. Nadeau sold 2,500 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $81.69, for a total value of $204,225.00. Following the completion of the sale, the president now directly owns 19,227 shares of the company’s stock, valued at $1,570,653.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert D. Cozzone sold 3,206 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $81.01, for a total transaction of $259,718.06. The disclosure for this sale can be found here. Insiders have sold 10,256 shares of company stock valued at $824,839 over the last ninety days. Insiders own 4.66% of the company’s stock.

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Independent Bank Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

Further Reading: Derivative

Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp (NASDAQ:INDB).

Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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